Idea for Bitcoin:
- CPI will print a drop-off tomorrow. Inflation bulls will be decimated. Gold, Stocks, Commodities, Crypto.
- G7 this weekend will bring a relentless wave of FUD and global bans.
- Price broke down from the wedge on the bear flag and re-tested the wedge bottom.
- Classic washout of retail shorts before the flush.
- Saylor's liquidation will create extraordinary selling volume on price.
This is it.
We are nearing the end of this full Wyckoff Distribution structure:
GLHF
- DPT
- CPI will print a drop-off tomorrow. Inflation bulls will be decimated. Gold, Stocks, Commodities, Crypto.
- G7 this weekend will bring a relentless wave of FUD and global bans.
- Price broke down from the wedge on the bear flag and re-tested the wedge bottom.
- Classic washout of retail shorts before the flush.
- Saylor's liquidation will create extraordinary selling volume on price.
This is it.
We are nearing the end of this full Wyckoff Distribution structure:
GLHF
- DPT
Trade active
Short positions... This is not retail. Something's got to give: Trade active
BVOL24H suggest explosive move imminent: 
Trade active
With all the liquidity provided by shorts, bulls attempted to squeeze and moonshot it, but failed. Now shorts are covering with price declining. Bulls lost their chance, and proved too weak to push it through the resistance:Trade active
Bitcoin loses 30% hashrate over last 30 days:blockchain.com/charts/hash-rate
Seems that China is shutting down crypto miners.
Trade active
logistics firm in Guangzhou confirms to CNBC - it’s airlifting 3,000kg (6,600lbs) bitcoin mining machines to Maryland, USA. Fenghua International advertises products delivered to door, tax on both ends cleared. Price per kilo: as low as $9.37.China dumping not only cryptocurrencies but derivatives and hardware onto American retail...
MSTR's Saylor purchases bitcoin with junk bond offering and loans. Crypto itself is leveraged and Tether is backed on almost nothing.
How is it different from subprime mortgages, or even worse?
Trade active
"The sucker has always tried to get something for nothing" - Thomas F WoodlockTrade active
Price makes a possible new ML Channel, making a 20k bottom more likely: Trade active
Something to note:The dump could be invalidated and it could be the start of a rally, but always watch for this washout before the flush. Countertrend moves usually precede a big move to shakeout retail.
Especially since this move is spot buying (vs. options hedging) meaning sellers might want to bid up a nice book to sell into, trapping as much retail longs as possible. Watch for blow-off top and big dump tonight if I am right:
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.